Patriot National Bancorp Reports $5.5M Registered Direct Offering

What Happened
Patriot National Bancorp, Inc. announced on September 23, 2026 that it entered into securities purchase agreements for a registered direct offering that will raise approximately $5.5 million (before offering expenses). The Company agreed to sell 4,782,608 voting common shares at $1.15 per share and issue 956,522 five‑year warrants that can purchase non‑voting common shares (which may be exchanged for voting shares if certain non‑control conditions are met). The warrants become exercisable no earlier than six months after closing at an exercise price of $1.25 per share. Proceeds are intended primarily to be invested in the Company’s wholly owned bank subsidiary, Patriot Bank NA, and for general corporate purposes.

Key Details

• Offering size: ~4,782,608 voting common shares and 956,522 five‑year warrants; one warrant issued per five shares purchased.
• Price and proceeds: $1.15 per share; gross proceeds ~ $5.5 million; estimated offering expenses ~$350,000.
• Warrant terms: exercisable no earlier than six months after closing; $1.25 exercise price; five‑year term; underlying Warrant Shares are non‑voting but may be exchanged for voting common stock if holder meets specified non‑control conditions.
• Process and documents: registered direct offering under a prospectus supplement dated Sept 24, 2026 and the Company’s Form S‑3 (effective May 22, 2025); no placement agent used.

Why It Matters
This transaction raises fresh capital for Patriot National Bancorp and its bank subsidiary, which can support lending, operations, or other corporate needs. For investors, the offering increases the company’s cash position but also creates potential future dilution if warrants are exercised or Warrant Shares are converted to voting common stock. The six‑month wait before warrant exercise delays potential dilution, and the use of proceeds toward the bank subsidiary may affect the company’s operating and regulatory capital position.